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Date: Oct 17, 2023 

Laurie’s Abbreviation Index:

** ‘div’ – dividend 

** ‘m/m’ – month over month

** ‘y/y’ – year over year

** ‘Inven’ – inventories

** ‘mfg’ – manufacturing 

** +/- – plus or minus, positive or negative

** Underlined text – higher volume premarket

** ‘d’ – day

**govt – government 

Color Key: Positive – Neutral – Negative

Global Markets:  USA, Europe, Japan, China, Hong Kong Asia – Neutral equity global set-up

·         Commodities:  Gold, Silver, Oil, natgas, AGGS, Industrial Metals 

·         Yields: Yields higher Currencies:  USA -.11%

·         News:  USA: Retail Sales 8:30 ET; Ind Production 9:15 ET CDN: Retail Sales 8:30 ET

·         Stocks: BAC +0.5%, BK +1.55%, JNJ +1%, LMT -1.55%, ERIC -5% EPS report
Overview: USA SPY 434.7 with support at 430 and resistance at 435 and 440.  SPY expected move +/- 2.77, QQQ 367.89 with resistance at 370 and support at 365 and 360.  QQQ expected move +/- 3.21.  Set-up ahead of retail sales is slightly bearish with yields sharply higher but US$ slightly lower.  Monday’s short squeeze was driven by flows due to weekend hedging with less juice available today.  Retail stocks with high short interest had big moves Monday and today’s retail sales data will be significant for the space.  FAANGMT names are down premarket which will weigh on indices with NVDA and AMZN lagging and NFLX bid ahead of earnings.  Financial earnings were inline so may see money rotating in if tech remains weak.  Daily expected moves held Monday and are worth watching today.  Today’s daily expected move levels: SPY (438.8-433,3), QQQ (372.6-366.2), IWM (175.9-170.2) and SPX(4401.3-4345.9).  Early this week indices are in a period of support which should prevent major downside with the caveat that geopolitical events can unsettle markets. Retail sales 8:30 ET will be market moving.

Stocks to watch JNJ, DLTR, BAC, NEM, TLT, AMZN, NVDA     

Spec Names 

Pre-800ET
Earnings JNJ, BK, BAC, LMT, ERIC

Indices /VXX, MSOS, GDX, euro, KWEB, TLT, ARKK, SMH, QQQ, IWM

S&P500 DLTR, JNJ, BK, DXC, LMT, WRK, IBM

IWM HASI, ARRY, NOVA, CHX, EYE, SBRA, ENVX

WSB 

Movers WH, VSAT, ARRY, NOVA, DLTR, BK, JNJ, MT, LMT, JD, BIDU, IBM

Trade Idea: AMZN

AMZN is in play with the retail sales report and the online sales portion of the report.  AMZN has support at 131 and 130 and resistance at 133 and 135.  Currently 131.14 and declining premarket.  Potential for fade < 131 to 130 or bounce at 131 or 130.  Below 130, Friday low of 129 is possible.